USI Insurance Services (USI), a New York-based insurance broker, has completed the acquisition of Oscar & Associates, for an undisclosed sum.
Oscar & Associates operates as a wholesale broker through strategic alliances with group medical and ancillary providers, and designs, communicates and implements benefit solutions to enhance employee satisfaction while maintaining employer financial responsibility.
Upon completion of the transaction, Oscar & Associates will be integrated with Emerson Reid (ERC), USI’s benefits wholesale operation headquartered in New York City.
This acquisition strengthens ERC’s leadership position as the largest employee benefit wholesaler in the Northeast tri-state area.
Emerson Reid CEO Arthur Hall said, "With this acquisition, we have attained seasoned insurance veterans who share in our goal of protecting and growing the broker’s business."
Oscar & Associates president Richard Oscar commented, "Our philosophy is to create a strong infrastructure of broker support service to allow our agents to maximize their time, efficiency and earning potential.
"This acquisition enables us to leverage our staff’s talents with ERC’s tremendous presence in general agency contracts and to further cultivate our benefits solutions in the marketplace."
Established in 1974, Reid is the only employee benefits wholesaler with true general agency contracts in downstate NY, NJ, Pa, Southern Conn and Del.
In December 2013, USI Insurance Services acquired privately owned, independent insurance brokerage and advisory firm Molton, Allen & Williams (MAW).
Image: USI Insurance Services purchases Oscar & Associates. Photo courtesy of adamr/ FreeDigitalPhotos.net.